SoftBank-backed Ola Electric’s initial public offering will open for retail subscriptions on Aug. 2, the Indian electric scooter maker said on Saturday, valuing the company at $4.2 billion to $4.4 billion, according to two sources.
According to the final IPO prospectus, the offering for retail subscriptions, which opens to institutional investors one day earlier on Thursday, will close on August 6. Ola founder Pavish Aggarwal will sell 37.9 million shares in the IPO, about 20% less than expected in the draft IPO prospectus.
Ola’s expected valuation of the country’s largest e-scooter maker, held by Singaporean investment firm Temasek, is 18.5-22% lower at $5.4 billion compared to its last funding round in September.
“They are offering an IPO of $4.2 billion to $4.4 billion to some top investors,” said one of the people with direct knowledge of the IPO planning.
According to two sources, Ola is looking to launch the IPO at a lower price to ensure greater participation from investors bidding for the IPO.
Ola Electric’s IPO, an initial public offering by an Indian electric vehicle maker, is one of the largest in India. The country’s stock markets have reached several milestones, becoming the fourth largest stock exchange in the world, ahead of Hong Kong.
Ola Electric’s fresh issue of 55 billion rupees ($657 million) remains unchanged for the IPO.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
